The New Brunswick Innovation Foundation increased its applied research funding about 150 percent in its most recent fiscal year, though its direct venture capital investment dropped.
The Fredericton-based innovation and venture capital group has issued its annual report for the 2018-2019 fiscal year (which ended March 31). It shows the foundation invested a total of $5.2 million in 19 VC investments, including three commitments that had been committed but not closed at year-end. That’s a drop of 16 percent from $6.2 million in the previous fiscal year.
The annual report also outlines the